Federal income tax policy affects the cost of homeownership for many households. Popular discussions of the favorable tax treatment of owner-occupied housing usually focus on the tax-deductibility of mortgage interest and property tax payments, as well as the specialized tax rules that affect housing capital gains. Academic discussions, in contrast, emphasize the exclusion of the imputed rental income on owner-occupied housing as the key tax benefit for homeowners. This paper summarizes the current distribution of the tax benefits associated with mortgage interest and property tax deductions. It contrasts them with the distribution of tax benefits associated with the current tax regime for imputed rental income relative to one which taxed homeowners as if they were landlords. It also reports how removing either deduction or taxing homeowners as landlords, would affect the user cost of owner-occupied housing. Variation across age and income groups in the tax savings associated with the mortgage interest and property tax deductions results primarily from differences in homeownership rates, itemization rates, and the financing of homes. We illustrate these differences using the sample of non-farm households in the 2004 Survey of Consumer Finances (SCF). The SCF sample includes 22,595 household observations, based on five replicates for each of 4,519 underlying households. The sub-sample we analyze excludes 1,475 observations corresponding to households that live on a farm or a ranch or in a mobile home, 812 additional observations for households headed by someone under the age of 25, 64 additional observations that report having mortgages but pay no mortgage interest,  additional observations with loan-to-value ratios above 1.5, and 64 additional observations with inexplicably high estimated marginal tax rates. This leaves a sub-sample of 20,169 observations. We estimate each household’s marginal federal income tax rates for the 2003 tax year using the NBER TAXSIM federal and state income tax calculators and Kevin Moore’s (2003) mapping of SCF data to tax return items.